A trader who correctly predicted Bitcoin’s big crash to around $4,000 in early 2020 is back after taking a three-week hiatus.
The pseudonymous analyst known in the industry as Capo tells his 16,000 followers on Twitter that he’s bullish on three altcoins – if BTC can remain strong.
The trader says he just bought Ethereum, EOS and XRP in anticipation of a rally in the weeks ahead. He believes Ethereum looks ready to continue breaking out against Bitcoin, after the second-largest cryptocurrency broke through a key level of resistance.
The analyst says EOS is also looking strong against both BTC and the US dollar.
As for XRP, the trader points to the third-largest cryptocurrency’s past price history, noting that its current trajectory appears similar to what happened back in 2017 before the coin’s epic breakout to an all-time high of $3.84.
When it comes to the crypto bellwether Bitcoin, the analyst says the leading cryptocurrency must turn resistance at $10,500 into support.
“As I’ve said many times, $10.5k is the key level. Above it, first target is $12k.
I’m not bearish above that level, but the bearish scenario will be in play again if BTC consolidates below this level. I’m only trading bullish altcoins setups now.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
